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Share-based Issuances
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Share-based Issuances

Note 8 - Share-based Issuances

 

Stock Options

 

The following table presents the activity for stock options outstanding: 

          
         
       Weighted 
       Average 
   Options   Exercise Price 
Outstanding - December 31, 2020   300,353   $3.65 
Granted   1,235,500    2.79 
Forfeited/canceled   (21,365)  $2.96 
Exercised   –    – 
Outstanding – September 30, 2021   1,514,488   $2.96 

 

 

 

 

The following table presents the composition of options outstanding and exercisable: 

                                       
                                         
      Options Outstanding       Options Exercisable  
Exercise Prices     Number       Price*       Life*       Number       Price*  
$2.70     68,518       $2.70       2.07       68,518       $2.70  
$2.90     54,941       $2.89       6.29       54,941       $2.89  
$4.26     173,243       $4.25       7.88       141,011       $4.25  
$2.79     1,217,786       $2.79       9.87       252,621       $2.79  
Total - September 30, 2021     1,514,488       $2.96       9.16       517,091       $3.19  

________________________ 

 

* Price and Life reflect the weighted average exercise price and weighted average remaining contractual life, respectively.

 

During the three and nine months ended September 30, 2021, the Company granted 1,235,500 stock options to certain executives and key employees. Under the terms of the option agreements, the options are subject to certain vesting requirements.

 

Restricted Stock Units

 

The following table presents the activity for restricted stock units outstanding:

        
       Weighted 
   Restricted   Average 
   Stock Units   Exercise Price 
Outstanding - December 31, 2020   –   $– 
Granted   424,500    – 
Forfeited/canceled   –   $– 
Exercised   –    – 
Outstanding – September 30, 2021   424,500   $– 

 

During the three and nine months ended September 30, 2021, the Company granted 424,500 restricted stock units. Under terms of the restricted stock agreements, the restricted stock units are subject to a certain vesting schedule.

 

The Company recognized share-based compensation expense related to stock options and restricted stock units of $735,592 and $767,543 for the three and nine months ended September 30, 2021, respectively. The remaining unvested share-based compensation expense of $2,844,328 is expected to be recognized over the next 46 months.

 

Warrants

 

The following table presents the activity for warrants outstanding: 

        
       Weighted 
   Warrants   Average 
   Outstanding   Exercise Price 
Outstanding - December 31, 2020   358,334   $7.02 
           
Granted   4,909,936   $4.58 
Forfeited/cancelled/restored   –    – 
Exercised   (1,093,180)   4.53 
Outstanding – September 30, 2021   4,175,090   $4.80 

  

In connection with the February 2021 IPO, the Company issued 3,991,818 warrants to purchase shares of common stock and issued to 598,772 warrants to its underwriters to cover over-allotments. The Company also issued 319,346 of representative warrants to its underwriters to purchase shares of common stock and these representative warrants contain a cashless exercise feature.

 

During the three months ended September 30, 2021 certain holders of our publicly traded Series A Warrants exercised 1,091,692 warrants for 1,091,692 million shares of common stock at the cash exercise price of $4.5375 per share. In addition, certain holders of our Pre-IPO warrants exercised 1,489 warrants for 1,117 shares of common stock at the net exercise price of $0.87 per share.

 

All of the outstanding warrants are exercisable and have a weighted average remaining contractual life of approximately 4.19 years as of September 30, 2021.